Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 694 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.🏢 A company is owned by… (a) its customers (b) its suppliers (c) its shareholders (d) the government always
2. 2.A small business selling paper bookmarks had a revenue of ₹90 and a profit of ₹30. What were its costs (in ₹)?
3. 3.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
4. 4.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
5. 5.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
6. 6.A small business sells 21 cups of lemonade at ₹15 each. Its costs are ₹280. What is its profit (in ₹)?
7. 7.🏢 Sole trader or company: a separate legal body? (a) a company (b) a sole trader
8. 8.Which of these is true of a company? (a) one owner runs it (b) run by directors (c) owner keeps all profit (d) simplest to start
9. 9.A small business sells 39 cups of lemonade at ₹15 each. Its costs are ₹30. What is its profit (in ₹)?
10. 10.Which of these is true of a sole trader? (a) owner keeps all profit (b) a separate legal body (c) owned by shareholders (d) run by directors
11. 11.A small business sells 37 cupcakes at ₹40 each. What is its revenue (in ₹)?
12. 12.True or false: “owned by shareholders” is true of a company. (a) False (b) True
13. 13.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
14. 14.A small business sells 31 fruit cups at ₹35 each. What is its revenue (in ₹)?
15. 15.A small business selling painted pebbles had a revenue of ₹1500 and a profit of ₹810. What were its costs (in ₹)?
16. 16.A small business sells 22 potted plants at ₹10 each. What is its revenue (in ₹)?
17. 17.Which of these is true of a sole trader? (a) a separate legal body (b) run by directors (c) owners’ risk is limited (d) one owner runs it
18. 18.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
19. 19.A small business sells 32 paper bookmarks at ₹35 each. Its costs are ₹550. What is its profit (in ₹)?
20. 20.A small business selling potted plants had a revenue of ₹660 and a profit of ₹580. What were its costs (in ₹)?
21. 21.A small business sells 18 jute bags at ₹5 each. What is its revenue (in ₹)?
22. 22.👤 A sole trader is… (a) a school club (b) a one-owner business (c) a big company (d) a bank
23. 23.True or false: “one owner runs it” is true of a company. (a) True (b) False
24. 24.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
25. 25.A small business sells 27 potted plants at ₹15 each. What is its revenue (in ₹)?
26. 26.A small business selling cupcakes had a revenue of ₹1040 and a profit of ₹640. What were its costs (in ₹)?
27. 27.A small business sells 33 cupcakes at ₹30 each. Its costs are ₹460. What is its profit (in ₹)?
28. 28.🎂 Can a 14-year-old run a business on their own? (a) never ever (b) yes, no one needed (c) only with adult help (d) only at night
29. 29.True or false: “simplest to start” is true of a company. (a) False (b) True
30. 30.True or false: “run by directors” is true of a sole trader. (a) True (b) False
31. 31.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) run by directors (d) owner owes the debts
32. 32.A small business sells 15 bags of popcorn at ₹20 each. What is its revenue (in ₹)?
33. 33.A small business sells 38 fruit cups at ₹45 each. What is its revenue (in ₹)?
34. 34.A small business selling handmade cards had a revenue of ₹460 and a profit of ₹120. What were its costs (in ₹)?
35. 35.📜 Who should explain tax or legal rules for a business? (a) a random video (b) a classmate (c) an adult or an expert (d) nobody
36. 36.A small business sells 31 potted plants at ₹15 each. Its costs are ₹140. What is its profit (in ₹)?
37. 37.A small business sells 50 jute bags at ₹20 each. Its costs are ₹260. What is its profit (in ₹)?
38. 38.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
39. 39.Which of these is true of a company? (a) owned by shareholders (b) one owner runs it (c) owner owes the debts (d) simplest to start
40. 40.A small business sells 16 jute bags at ₹50 each. What is its revenue (in ₹)?

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